Maybank My First Car Loan

Looking for affordable car loan? Maybank has made it very affordable to own a car with very low initial repayments and low salary requirements

Maybank My First Car LoanLow requirement
Tenure
up to 9 years
Loan Type
Fixed Financing loan
Interest Type
Flat
Margin of finance
Up to 100%
Excess Repayment
Not applicable
Early Settlement Rebate
Available

Interest rates

How much the bank charges you based on your loan amount & loan period

ConditionMaximum YearsMargin of FinanceInterest rate
New9 years100%3.4% p.a.
Used9 years100%4.25% p.a.

Fees & Charges

Interest Rate for New Cars
from as low as 3.4% p.a., depending on car brand, borrowing amount, and period
Interest Rate for Used Cars
from as low as 4.25% p.a., depending on car brand, borrowing amount, and period
Stamp Duty
RM20
Photocopy Charges
RM10
Consent Letter
RM50
JPJ Fees
RM20
Early Settlement Fee
 None
Late Penalty Fee
8%  p.a. of the outstanding amount

Requirements

Minimum Annual Income
RM30,000
Minimum Age
  • 21 to 30 years old
Who can apply
  • Malaysians

More Information

Is the Maybank EzyAuto Graduate Financing only for recent graduates?

Not necessarily! This car loan is available for graduates, undergraduates, government employees and teachers alike, aged between 21 and 30. For working individuals, you need to be employed for at least one month with a minimum salary of RM2,500 per month.

How much can I borrow from Maybank?

Before answering that question, ask yourself how much you can afford. For a graduate loan, the bank will be able to finance up to 100% of the car's market price and give you up to nine years to pay back the loan.

What is this I hear about low monthly repayments?

Yes, you heard that right. Provided that you borrow no more than RM30,000, which would be about average, you will pay very minimal amounts during your initial years. It's a special car loan that makes it easier for you to get a car when you can least afford it.

What happens if I don't make my car loan repayments?

With close to 400 branches nationwide, you'll be hard pressed to miss your repayments! But in the event that you do, there will be an 8% per year penalty on your late repayments. Failure to pay for two months straight will result in you not having a car because of repossession by the bank.

Can I opt for an early settlement?

Yes. You will be entitled to a rebate on the remaining profit. It may not be a substantial amount, but it's better than nothing!

Fair enough, what are the documents I need to apply?

New vehicle/unregistered reconditioned:

  • Copy of driving license
  • Passport/ employment letter for foreigner
  • Latest 2 months' salary slips
  • Latest EA/ EPF statement
  • 3 months bank/passbook statement or ASB/ASN
  • Spouse details (NRIC and 2 months' salary slips)

Used vehicle:

  • Copy of NRIC
  • Copy of driving license
  • Passport/ employment letter for foreigner
  • Latest 2 months' salary slips
  • Latest EA/ EPF statement
  • 3 months bank/passbook statement or ASB/ASN
  • Spouse details (NRIC and 2 months' salary slips)
  • NRIC and driving license of seller
  • Registration card
  • Proforma invoice
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